Market wrap

The property at 224 Johnston Street, Fitzroy, has been sold to an interstate investor.

Gross Waddell agents Benjamin Klein and Raoul Salter brokered the sale of 1/162 McKinnon Road, McKinnon, at auction for $822,500. The single-storey property was sold vacant and features an outdoor patio and on-site car parking.

ST KILDA

A self-managed superannuation fund has paid $1.4 million for a St Kilda restaurant, resulting in a 5.3 per cent yield. The property, at 194-196 Barkly Street, is 90sqm. Teska Carson's George Takis said the property had been leased for five years with one five-year option, at $77,070 a year.

OAKLEIGH

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An office in Oakleigh has been sold to a private investor for $1.6 million, resulting in a 7.9 per cent yield.

Colliers International's Hamish Burgess, Ben Baines and David Kalb negotiated the deal for the 1698sqm 2 Kingston Town Close.

FITZROY

A 240sqm property at 224 Johnston Street, Fitzroy, has been sold to an interstate investor for $1,070,000.00. CVA Property Consultants brokered the sale of the three-storey building, which includes a rooftop terrace plus three car spaces. The property is located between Brunswick and Smith streets.

BUNDOORA

A private investor has brought an office at 240 Plenty Road, Bundoora, which is part of the University Hill estate. The 255sqm property sold for $980,000 and includes a kitchenette plus nine on-site car spaces. Omicron Electronics signed on for a five-year term, which will cost $75,000 annually. Knight Frank's Tim Grant and DTZ's Patrick O'Callaghan negotiated the sale.

BLACKBURN

An owner-occupier has paid $796,000 for a store at 17 Blackburn Road, Blackburn.

Teska Carson's Michael Taylor said the two-storey, 160sqm property sold well above its $630,000 reserve price. It was sold on condition of a 10-year lease to Allens Real Estate for $37,000 a year net.

HAMPTON

A vacant two-storey building at 2 Small Street, Hampton, sold at auction for $2.5 million. CBRE reported the sale reflected a land rate of $5707 per square metre.

MOONEE PONDS

Savills has sold 3-7 Shuter Street, Moonee Ponds for $4.2 million. The 933sqm site is located within the Moonee Ponds Activity Centre. A private developer purchased the the property.

SPRINGVALE

Gross Waddell agents Alex Ham and Jonathon McCormack have sold three strata titled shops in Springvale for a combined $4.8 million. Separate private investors purchased the properties, at 31A, 33A-35A and 33C Buckingham Avenue. All three properties are presently leased and are located in the Number 8 development in Springvale's retail precinct.

MALVERN

Fitzroys' James Lockwood and Chris Kombi negotiated the sale of 65 Glenferrie Road, Malvern, to a local investor. The 174sqm shop and dwelling sold vacant for $1.3 million at auction. It features a two-storey freehold and on-site parking.

HAMPTON

A two-storey property held by the Kaufman family for more than 30 years in Hampton has been sold for $1.4 million. Fitzroys agent Mark Talbot reported that 411 Hampton Street, Hampton is 164sqm and features a shop plus a two-bedroom dwelling. Part of the property is leased for $16,320 annually.

LEASES

SCORESBY

Corrosion merchandise supplier Savcor Products has signed a new lease for an industrial office and warehouse in Melbourne's south-east. Savills Australia negotiated the three-year lease at 2 Macro Court, which features 796sqm of space and will cost $65,000 annually in rent. Savills' Lynton Williams and Daniel Kelly said Savcor Products also has a three-year option.

GLEN WAVERLEY

Online payment group UniLink Data Systems has has leased a fully fitted office 1/2 Brandon Park Drive, Glen Waverley. JLL's Shane Keogh, who brokered the deal, said the five-year term would return annual rent of $340 per square metre for the for 313sqm property.

JLL's Michael Simonds has signed Larkfield to lease a 300sqm office at Building 5, 658 Church Street, Richmond. The rental was undisclosed but Simonds reported the asking price was "thought to indicate" $350 per square metre.

Knight Frank's Gab Pascuzzi and Matt Crofts brokered a deal with VIP Plastic Packaging to lease a warehouse and office in Laverton North for $1.5 million a year. The eight-year lease at 127-161 Cherry Lane features 24,534sqm. The property is owned by Equity Commonwealth.

MOVERS

CBRE has recruited Robert DiPasquale to lead the firm's facilities management business in the Pacific. DiPasquale has more than 20 years experience and has previously worked for DTZ, Tungsten Group and Johnson Controls.

Paul Jones has joined Savills Project Management as divisional director. He will work with the firm's project management team and will specialise in large-scale retail projects.